The Democrats want to stop the SS cap.

[Admiral Rockwell Tory]

Add that 12% of your life time income to what is confiscated by SS to your ROTH 401k and what do you get?

You get wealthy enough to retire early AND live in style in retirement AND you get to leave a lot of money to your heirs

It is not 12%. There is nothing that says your employer will give you back the taxes you would have paid in, unless you are self-employed and have an idiot for a boss!

 

[Blues Man]

It is not 12%. There is nothing that says your employer will give you back the taxes you would have paid in, unless you are self-employed and have an idiot for a boss!

If we keep the same requirements for contributions from the employer and the employees it is 12%. The only difference is that the government will not own the accounts anymore

 

[Admiral Rockwell Tory]

Shown Here:​

Introduced in House (04/12/2019)​

Protecting and Preserving Social Security Act

This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.

The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.

The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.

H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

Summary of H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

www.congress.gov

Fine by me, I often said they should remove the SS cap.

So in 4 months, nothing has been done with the bill? Do you know why?

Third rail folks, third rail!

 

[Jaxson]

Great move by our President

More agents mean more compliance with existing laws by our filthy rich

More noob logic. There aren't enough filthy rich to keep 82,000 IRS busy forever. No wonder your President is too dumb to ride a bike.

 

[Lesh]

And it fucked up because the fucking government only allowed people to use investment firms picked by the fucking government and their government allowed those firms to charge ridiculous fees..

Anytime the government gets involved things get fucked up.

You think it would be any different here? The same people are pushing this as that

 

[rightwinger]

More noob logic. There aren't enough filthy rich to keep 82,000 IRS busy forever. No wonder your President is too dumb to ride a bike.

Are you kidding me?

The filthy rich have an army of tax lawyers
We need as many IRS agents as we can get

They are the Good Guys

 

[kyzr]

Great move by our President
More agents mean more compliance with existing laws by our filthy rich

OMG, how fucking old are you? Every time the democrats try to tax the wealthy, they get better tax attorneys, and the IRS just audits the middle and lower classes. Every fucking time.

 

[rightwinger]

OMG, how fucking old are you? Every time the democrats try to tax the wealthy, they get better tax attorneys, and the IRS just audits the middle and lower classes. Every fucking time.

No question about it
Cuts to the IRS workforce have left them undermanned

Bidens hiring is just a start

The middle and lower classes are rarely audited. It is a poor allocation of IRS resources
Not much money to be found there

 

[OhPleaseJustQuit]

first they need to get rid of this cap.


View attachment 678553

Couldn't you just ban her?

Oh, wait. You're no longer carrying that hammer.

Sorry.

 

[kyzr]

How about we get rid of the failed Big Brother retirement program that the govt should have never been involved in?
SS is a Ponzi scheme & slush fund for the pols.

The govt has very specific duties they are empowered to fulfill. Retirement & benevolence is not something we should have ever allowed the Feds to get involved in

Go ahead, put up a pol, any pol who runs on ending SS. Dumbass.
SS has worked well since the 1940s, and only needs a few tweaks to work well into the 2200s.
My recommendations are:
1. Include ALL new workers, including ALL local, state, and Federal government workers who currently have their own plans
2. Remove the cap
3. Raise the retirement ages over time, 62 to 63, 67 to 68

 

[kyzr]

The "filthy rich" are already audited with fine tooth combs. This is to terrorize the Middle Class, who have to be punished for rejecting Brandon.

Not terrorize the middle-class. Remember Lois Lerner?
The new auditors are to terrorize Republicans.

 

[rightwinger]

The new auditors are to terrorize Republicans.

Are you saying Republicans cheat on their taxes more than regular Americans?

 

[kyzr]

Are you saying Republicans cheat on their taxes more than regular Americans?

No. I'm saying that democrats use the levers of government to harass Republicans and Conservatives.

Lois Lerner - Wikipedia

en.wikipedia.org

"Lerner apologized that Tea Party groups and other groups had been targeted for audits of their applications for tax-exemption. Both conservative and liberal groups were scrutinized. Only three groups — all branches of the Democratic group Emerge America — had tax exemptions revoked. Lerner resigned over the controversy. An investigation by the U.S. Department of Justice and Federal Bureau of Investigation, completed in 2015, found "substantial evidence of mismanagement, poor judgment and institutional inertia"..."

 

[rightwinger]

No. I'm saying that democrats use the levers of government to harass Republicans and Conservatives.

Lois Lerner - Wikipedia

en.wikipedia.org

"Lerner apologized that Tea Party groups and other groups had been targeted for audits of their applications for tax-exemption. Both conservative and liberal groups were scrutinized. Only three groups — all branches of the Democratic group Emerge America — had tax exemptions revoked. Lerner resigned over the controversy. An investigation by the U.S. Department of Justice and Federal Bureau of Investigation, completed in 2015, found "substantial evidence of mismanagement, poor judgment and institutional inertia"..."

The Tea Party was exploiting the tax code for political purposes

 

[j-mac]

Shown Here:​

Introduced in House (04/12/2019)​

Protecting and Preserving Social Security Act

This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.

The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.

The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.

H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

Summary of H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

www.congress.gov

Fine by me, I often said they should remove the SS cap.

Banner day Penelope...I actually agree...There should be no caps...If someone is making $300,000 per year, they should pay SS on the totality of that $300,000....

 

[rightwinger]

Banner day Penelope...I actually agree...There should be no caps...If someone is making $300,000 per year, they should pay SS on the totality of that $300,000....

If anything, the cap is long overdue to be increased significantly

 

[j-mac]

The Tea Party was exploiting the tax code for political purposes

Yeah, Democrats would NEVER do that, right?

 

[j-mac]

If anything, the cap is long overdue to be increased significantly

I do agree with that...

 

[Lesh]

OMG, how fucking old are you? Every time the democrats try to tax the wealthy, they get better tax attorneys, and the IRS just audits the middle and lower classes. Every fucking time.

Then why do they fight so hard against it?

 

[Penelope]

So in 4 months, nothing has been done with the bill? Do you know why?

Third rail folks, third rail!

Yes the Machin or Sinema won't go with it.